Friday the 13th was not a good day for banks, as regulators shuttered 4 more (click on chart to enlarge), after last week's 3, bringing the 2009 total to 13. This is already more than half of 2008's total closings of 25, when it took until September to get to a cumulative 13 shutterings. The closed banks were Pinnacle Bank of Beaverton, Oregon; Corn Belt Bank and Trust Company of Pittsfield, IL; Riverside Bank of the Gulf Coast, in Cape Coral, FL and Sherman County Bank, Loup City, NE.
The 4 closings will cost the Deposit Insurance Fund $341.6 million, according to the FDIC. As a reminder, the FDIC oversees 8,384 institutions with $13.6 trillion in assets. It is still unknown how much Perella Weinberg makes in fees for each successive closure.
A graphic representation of cumulative closures in 2008 and 2009 ytd is presented below.